Wells Fargo & Co (WFC.N), while eager to get bigger in wealth management, agreed to sell its H.D. Vest Financial Services brokerage and tax-advisory unit to Parthenon Capital Partners. Wells Fargo, the fourth-largest U.S. bank by assets, bought H.D. Vest for $128 million in 2001. The Irving, Texas, unit is the third-largest independent broker-dealer network with 4,800 tax professionals licensed to sell securities. But industry consultant Charles "Chip" Roame of Tiburon Advisors said Wells completed a deal widely expected since the San Francisco bank in 2008 snapped up Wachovia and in the process gained the No. 3 full-service U.S. retail brokerage. "H.D. Vest has been a poor fit for Wells Fargo since Wells acquired Wachovia and its much larger captive and independent brokerage arms," Roame said.
Wells Fargo & Company (Wells Fargo) is a diversified financial services company. Shares of WFC traded higher by 2.39% or $0.67/share to $28.73. In the past year, the shares have traded as low as $23.02 and as high as $34.25. On average, 36665300 shares of WFC exchange hands on a given day and today's volume is recorded at 20909616.
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